Splitting the gift across multiple years may reduce immediate tax reporting but requires appraisals, legal documentation and proper structuring.If the house is highly appreciated, holding it for inheritance may be more tax-efficient because the recipient would receive a stepped-up basis to the FMV at the time of your passing, eliminating much of the capital gains tax liability.This post does not create a CPA-Client relationship.

For this post, the long story short is that no cats were on the application but lo and behold, there are 4 cats in the house during my first inspection.

The information contained in this post is not to be relied upon.

I actually had come across your post below in the Events forum and thought to myself it would have been nice to attend that to see first hand a local flip and talk shop about the process.https://www.biggerpockets.com/forums/521/topics/1215682-chec...I am happy to hear that someone with your experience in the region feels that Westchester is a market with some potential.

The markets you mentioned in your initial post in this thread are great markets, but they're all heavy on appreciation and light on cash flow.

I'll update this post once I see how that goes!

=)I came across this post while doing a Google search and wanted to chime in.I’m Mark Simpson, founder of Boostly, and I’ve really enjoyed reading through all the comments.

Our life is complicated and I work a complicated stressful job, but if we’re being honest, I also don’t have time for renters, but I somehow make it work and I personally think it pays off.Mtg: 1800Rent: 2900Owe: 200Rate: 4.5 I thinkSell Price: est. 450-460No other rentals except an in law suite on our current primaryFuture goals: would love to use this properly to buy other properties to get out of the corporate rat race. 

Originally posted by @Travis Hill:I am reading a lot about property classes and how, who, and where are they determined?

Long-winded post, but I hope that this helps others.